As Crypto Craters, There’s No Need to Buy Shiba Inu Right Now
As Crypto Craters, There’s No Need to Buy Shiba Inu Right Now
Down more than 20% in the past week, the big drop continues for Shiba Inu (CCC:SHIB-USD). Its decline in price is in line with price declines being seen across-the-board with cryptocurrencies.
As of this writing, Bitcoin (CCC:BTC-USD) is at around $37,362, more than 51% below its all-time high. Ethereum (CCC:ETH-USD) could be on its way back to below $2,000 per coin. “Ethereum killer” altcoins, like Cardano (CCC:ADA-USD) and Solana (CCC:SOL-USD) have seen even more dramatic drops in recent days.
Many may be scooping them up as the fall, betting that the bottom is near. But it continues to appear that the Federal Reserve will have to take an even sharper move to hawkishness when it comes to interest rates. We may still be far away from a bottoming out moment. In the meantime, digital assets stand to give back more of their respective 2021 gains.
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Add in the fact that “pupcoin mania,” which sent SHIB, along with its forebear Dogecoin (CCC:DOGE-USD) “to the moon” doesn’t appear likely to return? If you’re a long-term crypto bull, there may be some logic in buying the higher utility coins mentioned above. Even if they have room to drop further. Yet in the case of this token, where high functionality remains a work-in-progress? It’s best to steer clear.
Shiba Inu and the Crypto Bear Market
Over the past few weeks, even crypto aficionados have had to admit the space has been in bear market mode. Worse yet, while before it was reasonable to assume the downturn was on the verge of wrapping up, commentators and investors are increasingly coming to the conclusion that it’s just warming up.
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